Qatar Financial Centre Regulatory Authority adopts new rules for the acquisition of significant ownership positions in QFC authorised firms

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Key highlights:

- QFCRA must approve a change of control, whether in direct shareholding or at a parent level, with key thresholds set at 10%, 24%, 49% and 74% of voting rights or shares.

- When exceeding the 49% and 74% thresholds, letters of comfort must be provided to the QFCRA confirming the shareholders’ capability and willingness to support the firm.

- New reporting and monitoring requirements for QFC firms in respect of their controlling shareholders.

The Qatar Financial Centre Regulatory Authority (the “QFCRA”), has recently adopted changes to the rules governing the acquisition of significant ownership positions in Qatar Financial Centre (“QFC”) authorised firms. The General (Controller and Miscellaneous) Amendments Rules 20141 (“New Rules”) amend the General Rules 2005 (“GENE”) and came into effect on 1 February 2014.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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